SpaceX is exploring a secondary share sale that could value the company around $800 billion, potentially making it the most valuable private US company and surpassing OpenAI.

The discussions include consideration of an IPO as part of broader efforts to scale funding and liquidity for SpaceX operations and the Starlink business.

Earlier reporting from The Wall Street Journal and Financial Times also pointed to a valuation near $800 billion.

Key execution risks cited include the mix of buyers, transfer restrictions, Starship development progress, Starlink regulatory milestones, spectrum management, and geopolitical constraints, with governance possibly shifting if insiders are favored buyers.

For now, SpaceX is expected to stay private, with tenders favored over an IPO, while momentum for Starlink and government contracts remains central to the investment thesis.

The IPO and spin-off considerations have been discussed with investors and financial advisers, though SpaceX has not issued an official comment.

The talks are taking place at a Starbase board meeting and remain at the term-sheet stage, not yet a formal prospectus or S-1 filing.

The proposed transaction would be a tender offer where existing insiders sell shares to outside investors, not SpaceX issuing new stock or raising fresh capital.

A secondary sale differs from an IPO in that it involves selling existing shares to new investors rather than raising new capital for the company.

Tender offers can provide liquidity to insiders, refresh the implied valuation, and avoid public market scrutiny, with proceeds going to selling shareholders.

Starlink is viewed by some investors as a quasi-standalone platform with recurring revenue and potential monetization in enterprise, aviation, and defense.

Analysts view the plan as high-risk/high-reward, contingent on market conditions, regulatory approvals, and appetite for a space-infrastructure hybrid.